Are You Leaving Tax Money On The Table?
According to the IRS the five most popular tax deductions are:
- State and local taxes
- Gifts to charity
- Home-mortgage interest
- Tax-preparation fees
- Medical and dental expenses
But what might be the most overlooked or forgotten deductions and less well known tax credits that could make a difference on your return? Whether you itemize or are looking to adjust your income, here’s our list for tax year 2017:
- Losses from investments
- Refinancing points
- Reinvested dividends
- Personal property taxes
- Foreign taxes paid
- Estate Tax on income in respect of a decedent
- Student loan debt – Lifetime Learning Credit
- Child and Dependent Care Credit
- Retirement Savings Contributions Credit
- Residential Energy Tax Credit (The credit for solar electric property and solar water heating property is available for property placed in service through 12/ 2021)
- Uncompensated casualty and theft losses relating to your home, household items and vehicles
- Mileage for driving to the doctor or using your car for medical reasons
- The cost of meals or lodging at a hospital or similar medical institution if you are receiving care
- If you volunteer at a charity you can deduct the cost of getting there and back, even the cost of lodging and meals if you perform substantial philanthropic duties while on site.
- Unreimbursed job expenses such as uniforms, safety gear, mileage, etc
- Job hunting expenses like resumes, travel, and agency fees
- Moving expenses for a first job (or new job) if you had to move to another city or state
We’re talking about the IRS ere, so of course there are thresholds, rigid rules and exceptions. 2017 may be your last year to claim some of these tax breaks though as Congress cut many of them with tax reform. Remember to always keep your receipts and maintain detailed records of expenditures, mileage, and donations. Don’t leave money on the table, contact your Fuoco Group CPA today or email us cpa@fuoco.com